Damascus Launches Campaign to Confront Hiking Prices

A man sells zucchini for 250 Syrian pounds a kilo in the city of Douma, in the eastern Damascus suburb of Ghouta, Syria May 10, 2017. (Reuters)
A man sells zucchini for 250 Syrian pounds a kilo in the city of Douma, in the eastern Damascus suburb of Ghouta, Syria May 10, 2017. (Reuters)
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Damascus Launches Campaign to Confront Hiking Prices

A man sells zucchini for 250 Syrian pounds a kilo in the city of Douma, in the eastern Damascus suburb of Ghouta, Syria May 10, 2017. (Reuters)
A man sells zucchini for 250 Syrian pounds a kilo in the city of Douma, in the eastern Damascus suburb of Ghouta, Syria May 10, 2017. (Reuters)

Syria’s Minister of Religious Endowments (Awqaf) Mohammad Abdul-Sattar al-Sayyed launched a campaign to confront the rising price of food and consumer goods, prompted by a sharp devaluation of the Syrian pound in the black market.

The minister launched the efforts days after regime leader Bashar Assad met with a delegation of preachers from the Ministry of Religious Endowments.

On Friday, mosque preachers were heard calling on merchants and businessmen to contribute to this campaign, and explained about the need and the importance of social solidarity and charity with the poor.

In Tartus, Sayyed said Assad demanded that the ministry focus on fighting corruption and on facing the rising prices and the economic war on Syria.

The economy has been suffering from an increase in prices of food and consumer goods since the eruption of the Syrian conflict in 2011.

The Syrian pound reached its lowest rate against the US dollar in the black market, after being sold at around 1,000 for one dollar last month before stabilizing at 850.

The official rate has remained stable at 434.

Meanwhile, the prices of food continued to increase as the regime failed to impose measures to stabilize the value of the currency and curb inflation.

The Ministry of Supply and Internal Trading had launched a campaign to monitor the prices of food items and to impose fines on shop owners who are not abiding by the fixed prices.

This campaign led to the closure of dozens of shops across the country, further paralyzing the markets.

As the prices of food and other commodities rise, the crash of the pound could throw more Syrians into poverty.

According to the UN, eight out of 10 Syrians live below the poverty line, making less than $100 a month.



Russia is Using Bitcoin, Digital Currencies in Foreign Trade

FILE PHOTO: A woman passes by the Bitcoin Monument after bitcoin soared above $100,000, in Ilopango, El Salvador, December 5, 2024. REUTERS/Jose Cabezas/File Photo
FILE PHOTO: A woman passes by the Bitcoin Monument after bitcoin soared above $100,000, in Ilopango, El Salvador, December 5, 2024. REUTERS/Jose Cabezas/File Photo
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Russia is Using Bitcoin, Digital Currencies in Foreign Trade

FILE PHOTO: A woman passes by the Bitcoin Monument after bitcoin soared above $100,000, in Ilopango, El Salvador, December 5, 2024. REUTERS/Jose Cabezas/File Photo
FILE PHOTO: A woman passes by the Bitcoin Monument after bitcoin soared above $100,000, in Ilopango, El Salvador, December 5, 2024. REUTERS/Jose Cabezas/File Photo

Russian companies have begun using bitcoin and other digital currencies in international payments following legislative changes that allowed such use in order to counter Western sanctions, Finance Minister Anton Siluanov said on Wednesday.

Sanctions have complicated Russia's trade with its major partners such as China or Türkiye, as local banks are extremely cautious with Russia-related transactions to avoid scrutiny from Western regulators, according to Reuters.

This year, Russia permitted the use of cryptocurrencies in foreign trade and has taken steps to make it legal to mine cryptocurrencies, including bitcoin. Russia is one of the global leaders in bitcoin mining.

“As part of the experimental regime, it is possible to use bitcoins, which we had mined here in Russia (in foreign trade transactions),” Siluanov told Russia 24 television channel.

“Such transactions are already occurring. We believe they should be expanded and developed further. I am confident this will happen next year,” he said, adding that international payments in digital currencies represent the future.

Earlier this month, President Vladimir Putin said that the current US administration was undermining the role of the US dollar as the reserve currency by using it for political purposes, forcing many countries to turn to alternative assets.

He singled out bitcoin as an example of such assets, saying that no-one in the world could regulate bitcoin. Putin's remarks indicated that the Russian leader backs the extensive use of cryptocurrencies.